Punjab has registered a drop of over 63 per cent in attracting new investments during 2014-15 as the state failed to capitalise on its core benefits, claimed a study by Assocham.
"Punjab has failed to capitalise on its core benefits thereby leading to a dismal economic growth scenario considering that new investments attracted by the state registered a fall of over 63 per cent year-on-year basis from over Rs 7,200 crore in 2013-14 to just about Rs 2,600 crore in 2014-15," the study said.
However, new investments attracted by states across India have increased by over 44 per cent from about Rs six lakh crore in 2013-14 to over Rs 10 lakh crore in 2014-15, the study titled 'Impact of delay in investment implementation in Punjab' said.
"Despite boasting of a robust infrastructure base, Punjab has failed to lure investors over the years as the new investments attracted by the state reached its peak level of Rs 36,650 crore in 2007-08 which had declined to a meagre Rs 2,600 crore in 2014-15," said D S Rawat, national secretary general of industry body Assocham in a statement issued here.
Punjab had attracted total outstanding investments worth just over Rs two lakh crore as of 2014-15, with services sector accounting for 39 per cent share followed by electricity (31 per cent), construction and real estate (23.5 per cent), manufacturing (six per cent) and irrigation (one per cent).
Gurdaspur-Rupnagar is the most sought-after region for investors in Punjab as the region accounted for about 33 per cent of the total outstanding investments attracted by the state as of 2014-15 followed by Amritsar-Patiala (27 per cent), Firozpur-Sangrur (20 per cent) and other multi-regions (20 per cent).
